Vacancies in U.S. office buildings fell to the lowest level in five years, reaffirming an improving market that is allowing landlords to boost rents.

The office vacancy rate for the 69 largest metropolitan markets dropped to 14.1% in the first quarter from 14.7% in the fourth quarter of 2005, the steepest percentage-point drop in at least seven years, according to a survey by Reis Inc., a New York-based commercial-real-estate research firm. The eighth consecutive quarterly drop resulted from continued strong absorption — the net change in occupied space — totaling 15 million square feet in the first quarter.

The strong, distributed and sustained economic boom we are in depends upon not screwing things up with sudden changes in tax or monetary policy.

This is a powerful argument for the fall elections. It would be useful to hear Republicans making it on a daily basis. From Larry Kudlow:

The bottom line here is that Republicans need to hammer home a positive message. The GOP still needs to convince the base they deserve to be reelected as a Congressional majority. So far they haven’t done that.

I disagree with Larry in the idea that the optimism is sufficient in the campaign. The Democratic Party is committed to retreat and defeat in the war, and that needs to be broadcast far and wide.

But he is correct and urgently so when it comes to focusing on the incredible economy that has been produced by the tax cuts.

If as has been rumored, John Snow steps down at Treasury, the hunt for a new Treasury Secretary should put a premium on the nominee’s ability to engage the public and the media. Of course he or she will need “the respect of the markets,” but mostly they will need the ability to communicate the key truths about this economy into a MSM committed to electing Democrats by denying the reality of the growth that is everywhere around us.

In the last three years of the Bush Adminsitration, senior appointments have to be made with an eye on the long term benefit those individuals will bring to the GOP as well as the talents they bring to the job. Elevate some relatively young, telegenic achievers. Pull some people from the academy or business.